Watch List notes:

Banque de l'Indochine, Tahiti, specimen 5 francs, ND (c1927), serial number 0.00 000, brown on light green underprint, helmeted female head at low left, value at upper left and right, PAPEETE in text at centre, reverse text, value at low right, (Pick 11s), slight thinning, perforated SPECIMEN, in PMG holder 55 About Uncirculated, scarce.

Estimate: £150 - £200